NEW YORK ( TheStreet) -- Interactive Brokers ( IBKR)' planned purchase of MF Global ( MF), widely anticipated by the market Monday morning fell apart, according to a report by The Wall Street Journal Monday. Shares of Interactive Brokers, which were 5% higher in early trades on hopes of a deal, erased those gains following the report. MF Global filed for bankruptcy protection Monday following massive losses on $6 billion in holdings of European debt. The company's shares were halted Monday morning and MF Global traders were barred from doing most business on the Intercontinental Exchange ( ICE)and CME Group ( CME) NYMex, according to CNBC. -- Written by Dan Freed in New York.